Holiday Coast Credit Union in Merger Talks with Regional Australia Bank
The Directors of Holiday Coast Credit Union and Regional Australia Bank are pleased to announce the commencement of merger discussions.
Holiday Coast Credit Union’s Chairman Allan Gordon said that, “from our initial discussions with Regional Australia Bank, it became very apparent that we share a similar strategic focus and a commitment to ongoing mutual values to underpin quality member service in banking. It is noted that a commonality of purpose is an essential ingredient in any successful merger.”
The combined entity will have an asset size of over $2bn and will be focused on delivering upon merger, immediate tangible financial and non-financial benefits to existing members of both entities.
With greater product diversification, simplified fee structures and competitive pricing, members will enjoy an even greater, sustainable, customer owned banking experience.
Due diligence will now commence and once support is received from both the Australian Prudential Regulatory Authority (APRA) and the respective owner/members of each entity, a formal merger of the two organisations is anticipated to be completed by 30 June 2019.
It is proposed that the merged organisation will continue to operate both Regional Australia Bank and Holiday Coast brands in their respective locations and that there would be no forced redundancies.
Chief Executive Officer
6th November 2018